YFI Governance Community Vote to Mint 6,666 Tokens Passes

YFI Governance Community Vote to Mint 6,666 Tokens Passes

By Abhimanyu Krishnan | News | 3 Feb 2021

On Feb. 3, the Yearn.finance (YFI) governance community passed a proposal to mint 6,666 YFI tokens, a 22% increase in the token’s total supply. 

  • The decision to add more YFI tokens first saw discussion on Jan. 21, with the change receiving near unanimous approval
  • YFI core developer banteg posted on the update on governance forums, saying that the proposal had passed with 83.46% of votes in favor of the change
  • The new tokens will be budgeted towards funding Yearn.finance’s future, with 1/3rd going towards to key contributors as vesting retention packages and the remaining towards the Yearn.finance treasury
  • Tentative fund allocations include contributor incentivization, liquidity mining programs, staking rewards and protocol mergers & talent acquisitions
  • One of the YFI tokens distinctions is its low total supply -- the 30,000 cap has played a part in the astronomical value it has attained over the past 12 months, which is $32,161 at the time of publishing
  • Yearn.finance is more of the DeFi market’s most prominent projects, and has partnered with many others, including SushiSwap, Cover Protocol and Akropolis

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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